Intel Plans To Invest More Than $20 Bln To Build Two Chip Factories In Ohio

intel 102121 21jan22 lt

Chip giant Intel Corp. (INTC) announced plans for an initial investment of more than $20 billion to construct two new leading-edge chip factories in Ohio.

Construction of the two Intel processor factories in Licking County, Ohio is expected to begin in late 2022, with production coming online at the end of 2025.

The $20 billion project spans nearly 1,000 acres and is the largest single private-sector investment in Ohio history.

The investment is expected to boost production to meet the surging demand for advanced semiconductors. It will power a new generation of innovative products from Intel and serve the needs of foundry customers as part of the company's IDM 2.0 strategy.

Intel also pledged an additional $100 million toward partnerships with educational institutions to build a pipeline of talent and bolster research programs in the region to support the development of the new site.

Ohio Gov. Mike DeWine said, "Intel's new facilities will be transformative for our state, creating thousands of good-paying jobs in Ohio manufacturing strategically vital semiconductors, often called 'chips.' Advanced manufacturing, research and development, and talent are part of Ohio's DNA, and we are proud that chips - which power the future - will be made in Ohio, by Ohioans."

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